KRS 99A.020: Ordinance establishing neighborhood redevelopment zone.

(1) Any local government may by ordinance establish one (1) or more neighborhood

redevelopment zones. Such zones shall be substantially residential in character and

shall consist chiefly of residential buildings at least twenty -five (25) years of age.

To be eligible for designation as a neighborhood redevelopment zone the area shall

be found by the legislative body to be characterized by:

(a) Deteriorating housing stock;

(b) Abandoned residential buildings or vacant lots where the dwelling has been

demolished by fire, vandalism or as an unsafe structure;

(c) Such other characteristics which cause the legislative body of the local

government to believe the neighborhood is in a deteriorating economic and

physical condition; or

(d) Such detrimental conditions that the effect is to discourage mortgagees from

making loans for, and present or prospective property owners from investing

in the purchase and rehabilitation of residential buildings.

(2) The legislative body of the local government may establish a nei ghborhood

redevelopment zone in accordance with subsection (1) of this section either on its

own initiative or upon a petition filed with the clerk of the legislative body, signed

by the owners or lessees of seventy -five percent (75%) of the assessed value of the

property located within the proposed zone.

(3) No zone shall be established by a local government unless certified by the executive

director as qualifying pursuant to this chapter.

(4) Prior to the first reading of an ordinance proposing to estab lish a neighborhood

redevelopment zone, the legislative body shall give notice by mail to the last known

owner of all real property within the proposed redevelopment zone and hold a

public hearing on the question of establishment of the zone. The notice s hall

contain a description of the boundaries of the proposed zone and shall set out a date

for a public hearing on the establishment of the zone at which any of the owners,

their lessees or any other resident or taxpayer of the local government may appear.

(5) Once established, a neighborhood redevelopment zone may be dissolved only by

ordinance, but in no event sooner than ten (10) years from its establishment.

(6) Upon the effective date of the ordinance establishing the zone all residential

property located therein shall be subject to the provisions of this chapter.